In this morning’s City AM newspaper they report that, using data from real estate legal-eagle Boodle Hatfield, the value of property owned by Britain’s top ten shared office providers rose by 35 per cent to £13.6 billion last year. ‘’Shared workspaces have now gone beyond a cool place for media and tech start-ups – they are now a substantial part of the commercial property market’’, said partner Simon Williams.
As part of Saudi Arabia’s Prince Mohammed Bin Salman’s Vision 2030 project to wean his country off oil dependency, this weekend it was announced that the nation was looking for $427 billion in inward investments. Oil minister Khalid al-Falih said the first tranche of infrastructure projects worth 70 billion riyals was ready to go. Possibly timed to coincide with this news, the Kingdom announced it had released Ethiopian billionaire Mohammed Hussein Al Amoudi who has spent 15 months in detention. He is the latest in a string of high-profile wealthy people who were arrested and held at the Riyadh Ritz-Carlton hotel in November 2017.
DAX 30
Odd to see a hammer candle following three consecutive weeks of higher closes – though this was not the case last week. For the first time since June the MACD has turned marginally bullish but we’re still clearly below the head & shoulders horizontal neckline.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
A bearish engulfing candle last week in what might be the third candle of an evening star pattern, albeit a slightly irregular one. Note that MACD is barely visible.
SHORT TERM TRADER: Short at 6905; stop above 7005. First target 6600.
POSITION TAKER: Short at 6895; stop above 7045. First target 6600, and then probably an awful lot more.
S&P 500
Last week’s candle is a hanging man at the top of a strong corrective bounce following December’s excesses.
SHORT TERM TRADER: New short at 2666; stop well above 2700. First target 2450.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
We have now retraced 38 per cent of last year’s decline and the MACD has turned bullish. Against the euro we are trading at 86.5 pence, sterling’s strongest since May 2017 and saw the biggest weekly gain since September 2017. No mean feat as we count down the days.
SHORT TERM TRADER: Took profits exactly on target at 1.3200.
POSITION TAKER: Long at 1.2860; stop below 1.2975. Target 1.3250.
EURO/US DOLLAR
No momentum, nothing as an unseemly spat between French President Macron and Italy’s co-deputies Salvini and Di Maio breaks out.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
The blip above 1300 over the weekend is suspect despite a steadily bullish MACD.
SHORT TERM TRADER: Short at 1292; stop well above 1300. First target 1240.
POSITION TAKER: Square.
